As a child, Ilott’s parents encouraged him to try a variety of sports, including football, cricket, rugby, tennis, and others. He became interested in racing after attending a friend’s birthday party at a go-kart track.
Ilott began karting in 2008, achieving his first win in 2011 in the Formula Kart Stars, and finishing third in the German Junior Karting Championship, both in KF3. He continued in KF3 with Chiesa Corse Team in 2012. At the age of thirteen, he won the WSK Masters Series and the WSK Final Cup, and was runner-up in the WSK Euro Series and the CIK-FIA World Cup, earning the title of youngest ever WSK Driver of the Year. In 2013, he won the Trofeo delle Industrie and the WSK Final Cup. Racing with Zanardi Strakka Racing in 2014, he finished fourth in the CIK-FIA World Championship, third in the WSK Champions Cup, and won the WSK Super Masters Series, as well as the CIK-FIA European Championship.
Ilott made his single-seater debut in the 2015 Toyota Racing Series with ETEC Motorsport, using a Red Bull livery. He finished sixteenth in the championship, showing pace in qualifying and practice but struggling in the races.
Ilott stepped up to Formula Three in 2015, racing in the FIA European Formula 3 Championship with Carlin. He tested F3 machinery and Formula Renault 2.0 to accumulate experience before his Formula 3 debut. He achieved one podium at the Nürburgring, finishing seventh in the Rookie Championship and twelfth overall.
For the 2016 season, Ilott switched to Van Amersfoort Racing. He took his first victory in the sport at Circuit Paul Ricard and a second at the Red Bull Ring, finishing sixth overall.
In 2017, Ilott raced with Prema Powerteam, improving to fourth in the driver standings. He won six races and finished on the podium another six times, contributing to Prema Powerteam’s fifth consecutive Teams’ championship title.
After GP3 Series tests at Abu Dhabi, Ilott raced with ART Grand Prix in the 2018 GP3 Series, finishing third overall with seven podiums, including two victories.
Ilott made his Formula 2 debut at Silverstone in July 2017 with Trident, finishing outside the top ten in both races.
After racing in GP3 in 2018, Ilott participated in the Formula 2 post-season test with Trident and Charouz Racing System. He then raced a full season in F2, finishing eleventh overall with two podiums in the sprint races at Catalunya and Sochi, and securing his maiden pole position in Monza.
For the 2020 season, Ilott joined UNI-Virtuosi Racing alongside Zhou Guanyu, remaining a member of the Ferrari Driver Academy. He took his first Formula 2 victory at the Red Bull Ring after pole sitter Zhou suffered electrical problems. Ilott finished the season as runner-up to fellow FDA driver Mick Schumacher. Ahead of the season finale, Ilott announced that he would not race in F2 or F1 in 2021.
Ilott was inducted into the Red Bull Junior Team in 2015, but was dropped from the programme at the end of the year. After finishing fourth in the 2017 FIA Formula 3 European Championship, he became a member of the Ferrari Driver Academy. He drove the Alfa Romeo Racing C38 during the 2019 in-season test at the Circuit de Barcelona-Catalunya, completing 41 laps before his running was cut short after he crashed in Turn 3. He was scheduled to make his Formula One weekend debut during the Friday practice session of the 2020 Eifel Grand Prix with Haas F1 Team, but the session was cancelled due to poor weather. He became Scuderia Ferrari’s test driver for the 2021 season and Alfa Romeo’s second reserve driver, appearing in FP1 for the team at the Portuguese and Austrian Grands Prix. He was recalled by Alfa Romeo to serve as their reserve driver for the 2022 Miami Grand Prix.
Ilott signed with Juncos Hollinger Racing for the last three races of the 2021 IndyCar Series. He debuted at the Grand Prix of Portland, finishing 25th after a mechanical failure. He crashed during the warmup session at the Firestone Grand Prix of Monterey, but was unharmed. He retired from the Acura Grand Prix of Long Beach with a mechanical issue, finishing 26th.
Ilott remained with Juncos Hollinger Racing for the 2022 IndyCar Series. He broke his right hand in a crash during the Indianapolis 500 and missed the Detroit Grand Prix. He returned at Road America, finishing eleventh. He signed a two-year extension with the team through 2024.
Ilott started the 2023 IndyCar season at St. Petersburg, finishing fifth, his best result in the series. He finished twelfth at the 107th Running of the Indianapolis 500 after Juncos Hollinger Racing switched chassis mid-season. He replicated his fifth-place finish at the season finale in Laguna Seca. Ilott and Juncos Hollinger Racing mutually agreed to part ways after more than two seasons.
Ilott briefly drove for Arrow McLaren at the opening race in St. Petersburg, deputising for the injured David Malukas. He also drove in the 2024 Indianapolis 500 after Malukas was released from the team, finishing eleventh. He assisted Arrow McLaren with testing the hybrid system.
In September 2024, Ilott announced he would compete with Prema Racing full-time in the 2025 season, alongside Robert Shwartzman. He finished twelfth at the 2025 Indy 500, but was later demoted to last place due to a technical infraction. He recorded the team's best result of the season with back-to-back sixth-place finishes at Laguna Seca and Portland.
In February 2021, Ilott signed with Iron Lynx to compete in the 2021 GT World Challenge Europe Endurance Cup, driving a Ferrari 488 GT3. He made his 24 Hours of Le Mans debut with Iron Lynx, finishing third in the GTE Am class and 27th overall. He also contested the first round of the Intercontinental GT Challenge, the 24 Hours of Spa, with Iron Lynx, but the race ended early after a four-car accident. He later raced with AF Corse at the Indianapolis 8 Hours.
After being dropped by Juncos Hollinger Racing, Ilott moved to the FIA World Endurance Championship, driving for Jota Sport sponsored by Tom Brady. The team scored their maiden top-class podium in Qatar, finishing second. He and Will Stevens secured their first win at Spa-Francorchamps. Despite strong qualifying performances, the team faced misfortune, including a crash at Le Mans requiring a chassis change and an electrical issue at the Circuit of the Americas. Jota Sport won the FIA World Cup title after finishing fifth at Fuji, as the first privateer car.
Ilott joined Wright Motorsports to compete in the 2026 IMSA SportsCar Championship, driving the No. 120 Porsche 911 GT3 R.
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